Net sales

Hibbett Announces 19.1% Increase in Net Sales for FY22

US sporting goods retailer Hibbett reported that its net sales for the financial year 2022 (FY22) grew 19.1% to $1.69 billion from $1.42 billion in FY21.

For the 52 weeks to Jan. 29, the company’s comparable sales were up 17.4% from the same period a year earlier.

The retailer’s physical store sales increased 21.4%, but its online sales were down 1.6% from the prior year and accounted for 13.8% of its total FY22 sales.

Hibbett posted net income of $174.3 million during the year, compared to $74.3 million the previous year.

The company’s earnings per share (EPS) was $11.19, compared to $4.36 for FY21.

For the fourth quarter (Q4), which ended Jan. 29, Hibbett’s net sales increased 1.7% to $383.3 million from $376.8 million a year earlier.

The company’s physical store sales fell 1.6%, while its comparable e-commerce sales rose 1.8%.

Its net income for the fourth quarter was $17.7 million compared to $23.9 million a year earlier, while its EPS was $1.25 compared to $1.39 in the fourth quarter of 2021.

Hibbett President and CEO Mike Longo said, “As we previously announced, fourth quarter comparable sales decreased 1.0% while full year comparable sales increased. 17.4% compared to the previous year.

“We also achieved significant two-year growth, with fourth quarter comparable sales increasing nearly 21% and full-year comparable sales increasing nearly 44% over the same periods of the fiscal year. 2020.

“Although the second half of the fourth quarter was weaker than expected due to ongoing supply chain challenges, consumer inflation concerns and rising Covid-19 cases, we believe these negative factors that impacted traffic and transaction volume from late December to January will begin to fade in the coming months.

For FY23, Hibbett expects its net sales to be relatively stable in dollar terms compared to its FY22 results.

The company also plans to increase its store portfolio by 30 to 40 stores in FY23.